Nigeria defeats rivals for bid to host Africa’s $5bn Energy Bank

Nigeria has been granted the hosting right for the African Energy Bank (AEB) after beating Ghana, Benin Republic, Algeria, South Africa and Cote D’Ivoire in a keenly contested bidding.

Sen. Heineken Lokpobiri, the Minister of State, Petroleum Resources (Oil), told newsmen in Abuja on Thursday, that the award of hosting rights for the bank highlighted Nigeria’s robust energy sector.

He said, “The award of the hosting right also highlights the country ‘s strategic vision for Africa’s energy future.”

Lokpobiri expressed gratitude to President Bola Tinubu for the support extended during the course of the bidding.

He also thanked the Council of Ministers of the African Petroleum Producers Organisation (APPO) for the confidence in Nigeria’s capability.

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The minister highlighted the collaborative spirit of the APPO members and their shared vision for a united, energy-secured Africa.

He emphasised that “this decision reflects our collective ambition to create African solutions to Africa’s energy challenges.

“The African Energy Bank will be instrumental to providing the necessary financial backbone for energy projects that will drive growth and development across the continent.

“The decision is a significant step for the continent’s energy sector and underscores Nigeria’s pivotal role in Africa’s energy landscape.”

The minister assured Nigerians and Africans at large that the establishment of the African Energy Bank would mark a transformative era in meeting energy needs.

He said that the initiative aligned with the broader objectives of the African Union’s Agenda 2063, aiming for a prosperous and self-sustaining Africa.

“We are committed to ensuring that the bank did not only moves Nigeria forward but becomes a beacon of progress for the entire continent.

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“Our goal is to foster sustainable energy solutions that are both innovative and inclusive.”

The News Agency of Nigeria (NAN) reports that the bank is expected to facilitate access to funding for energy projects, thereby catalysing economic growth and enhancing energy security. (NAN)